AURA AUCTION GUIDE
Minimum bid and base price: what is the difference?
These are two different values, and confusing them can materially distort how an auction is read. They must always be checked in the sale notice for the specific procedure.
Base price
This is the starting value stated for the sale in the procedure documents. It may reflect the sale rules and reductions applied after previous attempts where applicable.
Minimum bid
This is the lowest amount that may be admissible under the conditions stated in the sale notice, where applicable. It is not the price you will necessarily pay; it defines the entry threshold for a bid.
Final price
This depends on the bidding outcome and competing offers. Property-specific acquisition costs may then be added. This is why AURA displays the minimum bid and base price separately.